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European stocks slide as Evergrande concerns resurface By Reuters

by Mike Robinson

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© Reuters. The German share price graph DAX was pictured at Frankfurt Stock Exchange, Germany on September 23, 2021. REUTERS/Staff

(Reuters) – European stocks slipped at the open on Friday on lingering worries about troubled property developer China Evergrande, with mining and retail stocks exposed to the Asian country among the biggest decliners.

The regionwide index slipped 0.5% after a three-day run of gains. Each of the three sectors that fell 1.5% were miners, automakers, and retailers.

After the mid-week rally, investors took profits from the table as the deadline to pay $83.5 million of bond interest was passed without any comment from Evergrande. These concerns rocked financial markets earlier in this week.

German sportswear makers Adidas (OTC:) and Puma fell 3.7% and 2.5%, respectively, after Nike (NYSE:) cut its fiscal 2022 sales expectations and said it expects delays during the holiday shopping season, blaming the ongoing supply chain crunch.

Broadly, fell 0.7%, heading into the weekend when the country will vote to elect German chancellor Angela Merkel’s successor.

British drugmaker AstraZeneca (NASDAQ) rose 3.2% upon the news that Lynparza was approved for use in cancer treatment.

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